Sugar companies on Monday surged up to 20 per cent, either touching or near a new 52-week high on the BSE intraday on the back of heavy volumes. The sugar space is driven by multiple factors such as price hike in the global markets as well as ethanol-blend programme advancing.

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Surging most in the list, Dalmia Bharat Sugar and Avadh Sugar trade around 20 per cent to Rs 401.55 per share and 373.1 per share to hit new 52-week high today on the BSE intraday.  

While Dwarikesh Sugar and Uttam Sugar rallied around 19 per cent on Monday, with a former hitting a new 52-week high at Rs 67.6 per share and latter trading near the 52-week high at Rs 171.4 per share

Uttam Sugar had hit its 52-week high on May 04, 2021, at Rs 172.35 per share.

Similarly, Triveni Engineering & Industries and Shree Renuka Sugar too soared by around 15 and 10 per cent to Rs 174.45 and Rs 18 per share respectively on the BSE Intraday, both these stocks hit their new 52-week high today.

Other prominent sugar companies such as Balrampur Chini, Dhampur Sugar and EID Parry jumped by around 8.4, 9.7 and 6.7 per cent respectively to Rs 343.4, Rs 357 and Rs 447.75 per share on the BSE intraday today.

In comparison, the S&P BSE Sensex on Monday closed by 228 points or 0.44 per cent higher at 52,328.51 level, while Nifty50 ended at an all-time high level at 15751, up 80 points or 0.52 per cent.

Prime Minister Narendra Modi, on World Environment Day (June 5), announced that the target of 20 per cent ethanol-blended petrol has been advanced by five years to 2025 to cut pollution and reduce the oil import dependence, which is around 85 per cent of total imports.

Ethanol extracted from sugarcane and damaged food grains from wheat, broken rice, and agriculture waste is less polluting and its use also provides farmers with an alternate source of income.

According to a news agency Press Trust of India (PTI), the central government had set a target of reaching 10 per cent ethanol blending in petrol (10 per cent of ethanol mixed with 90 per cent of diesel) by 2022 and 20 per cent doping by 2030.